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FTX to Begin Repayments to Bahamas Creditors in February 2025

FTX to Begin Repayments to Bahamas Creditors in February 2025

FTX has announced plans to begin paying back certain creditors in the Bahamas on February 18, 2025, starting with those who have claims under $50,000.

The payments, set to begin at 10:00 a.m. ET, are part of the exchange’s efforts to settle debts following its bankruptcy and reorganization process, which was approved in December 2024.

The first phase of FTX’s repayment initiative will focus on these smaller claims, with a clear intent to resolve and close out these obligations. This phase aims to restore some confidence among creditors who have been waiting since the exchange’s collapse.

The payments will reflect the value of claims based on November 2022 levels, around the time Bitcoin was valued at about $17,000. However, due to the cryptocurrency’s significant rise to approximately $100,000, creditors are missing out on substantial gains they would have seen had they been compensated sooner.


READ MORE: Cardano’s Charles Hoskinson Teases Major Crypto Developments for February


To ensure the repayment process is secure and efficient, FTX has partnered with BitGo, a prominent firm specializing in digital asset security. This collaboration is meant to facilitate the smooth transfer of funds and avoid potential delays, maintaining trust with creditors.

This announcement comes more than two years after FTX filed for Chapter 11 bankruptcy, triggered by a liquidity crisis and the improper transfer of customer funds to its sister company, Alameda Research. The fall of FTX has led to major legal repercussions, including the conviction of founder Sam Bankman-Fried, who is currently serving a 25-year prison sentence.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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